A Lake Bluff Mansion that’s endured a series of price cuts after years on and off the market is getting a massive price increase and is adding more land to sweeten the deal.
The home at 700 Crab Tree Lane is now seeking just under $23 million. It had previously been listed as a 12-acre estate asking $12.9 million — a price increase of more than 75 percent. The offering now has been bumped up to 30 acres and includes a 13-stall horse stable.
James Zenni, president and CEO of Z Capital Management, and his wife, Lisa, previously owned the home. The couple has been divorced for several years and Lisa is selling the home. She originally listed the mansion at $19.5 million in 2018, making it the third-priciest residential listing in the Chicago area at the time and the recent price cut a 33 percent decrease from the initial ask.
Andra O’Neill with @properties Christie’s International Real Estate is representing the property and declined to comment beyond confirming the new price.
The listing is now the second highest in the Chicago area. It’s only beaten by a 25,000-square-foot Lincoln Park mansion that has long reigned as the city’s most expensive listing, now asking $30 million.
It was re-listed on Tuesday after its previous listing was removed three days prior. In April the seller had cut the price from $14 million to $13 million, one of a series of cuts the seller has made in hopes of closing a deal during its years of dancing between on and off the market.
The 10,000-square-foot home has six bedrooms and eight bathrooms and was built in 1994. The property includes a tennis court, a pool and even its own vineyard. The estate also includes a rare 700 feet of private beach on Lake Michigan.
The price hike bucks recent trends across the North Shore, where many luxury homes have taken steep price cuts to get deals across the finish line. The number of sales at or above the luxury threshold through June this year was down by half from last year’s record figure.
Read more
